China Abruptly Reduces ATM WIthdrawal Limits Overseas

The window on getting money out of China is closing, but there is no limit on gold purchases.

Reuters: China forex regulator says to cap overseas cash withdrawals
China will introduce an annual cap of 100,000 yuan ($15,734) on cash withdrawals made through UnionPay cards outside the country from 2016, the nation's foreign exchange regulator said, to combat money laundering amid concerns about capital flight.

Cards issued by Visa Inc and MasterCard Inc will also be subject to the annual cash withdrawal limit, the State Administration of Foreign Exchange (SAFE) said in a statement on its website.

The current rule only sets a daily withdrawal limit of 10,000 yuan per card.

For the last three months of this year, the maximum amount of cash that can be withdrawn overseas using a single card will be 50,000 yuan, SAFE said.

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